The global professional services market grew from $4,877.15 billion in 2017 to $5,890.11 billion in 2022 at a compound annual growth rate (CAGR) of 3.8%. The market is expected to grow from $5,890.11 billion in 2022 to $7,417.86 billion in 2027 at a CAGR of 4.7% and to $10,126.46 billion in 2032 at a CAGR of 6.4%.
Growth in the historic period resulted from rising government support, global collaboration for environmental protection, strong economic growth in emerging markets, and a growing legal tech industry.
A rising focus on digitising business processes and sustainable development will drive market growth. Factors that could hinder the growth of the professional services market in the future include a shortage of skilled workers and increasing penetration of DIY tools.
Market-trend-based strategies for the professional services market include focusing on employing alternative legal service providers, use of artificial intelligence (AI), cloud technology, implementing blockchain technology, and focusing on mergers and acquisitions to improve their product offerings and to stay competitive in the market.
Major Market Trends
- Emergence Of Alternative Legal Service Providers (ALSPs)
- Use Of Artificial Intelligence
- Focus On Cloud Technology
- Blockchain Technology
- Increasing Mergers and Acquisitions
Going forward, the hybrid legal services market is expected to be the fastest growing segment in the legal services market segmented by type, at a CAGR of 6.9% during 2022-2027and a gain of $94.91 billion of global annual sales by 2027.
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